Ahmed: We've Laid Groundwork for Sustainable, Inclusive Economic Growth

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, declared at the weekend that the outgoing administration tackled numerous challenges, implemented transformative policies, and laid the groundwork for sustainable and inclusive economic growth.

Ahmed spoke at a sendforth ceremony in Abuja, where friends, associates and development partners, among others, applauded her contributions to the country. She said the ministry on her watch implemented notable reforms to support economic recovery and resilience in the country.

The minister said the ministry was committed to medium-term revenue and expenditure frameworks to strengthen public finances, create fiscal space, and keep public debt on a sustainable path.

She stated, “Our dedication to revitalising revenues over the medium term led to improved non-oil revenue under the Strategic Revenue Growth Initiative (SRGI).

“In spite of revenue challenges, government consistently met its debt service commitments, while post-financing assessments showed adequate capacity to repay loans.”

The minister noted that under her supervision, economic growth received further impetus, with focus shifted towards fiscal consolidation.

According to her, “This included streamlining new taxes and intensifying expenditure control measures, with a resolute commitment to advancing expenditure rationalisation initiatives.

“The passage of the Petroleum Industry Act 2021, which took effect in early 2022, and the consequent establishment of the NNPC Limited, are expected to increase investments and strengthen oil revenues.

“Additionally, there were executive orders on promoting procurement by government agencies, the promotion of transparency and efficiency in the business environment.”

The outgoing minister stated that her achievements in office were made possible by collaborative efforts.

Ahmed said, “None of these accomplishments would have been possible without the strong support of all our critical stakeholders too numerous to list here.

"I acknowledge every contribution made by everyone to the work of fulfilling the ministry’s mandate, which I believe will ultimately result in improvements to the lives of all Nigerians

"To the vice president and my esteemed colleagues in Federal Executive Council, and our friends in the legislature, I cannot thank you enough for the exceptional collaboration we have shared.

"I am grateful for the camaraderie, and shared determination we have experienced throughout our time together. "

Economic diversification, she noted, remained a key priority for Nigeria.

Ahmed said added that consequently, development plans encompassed initiatives for developing supportive infrastructure and reforms aimed at reducing dependence on oil, alleviating inequality and unemployment, establishing robust and effective institutions, and addressing governance issues.

The minister stated that major achievements and on-going initiatives, which would be to the benefit of Nigerians if carried forward by the incoming federal government, had been documented.

At the ceremony, Ahmed was offered encomiums by her colleagues, friends, old school mates and representatives of international financial organisations, including the World Bank.

In his goodwill message, outgoing Minister of State, Budget and National Planning, Prince Clem Agba, said, “Though we faced a lot of challenges, we pulled through.

“We developed the National Development Plan (NDP) 20212025, a medium-term plan and agenda 2050 for the country."

The ceremony was attended by governors, ministers, members of the National Assembly, and first class traditional rulers, among others.”